Abu Dhabi – Mubasher: Moody's Investors Service has upgraded the rating of Abu Dhabi National Energy Company (TAQA) to Aa3 from A3 and the short-term rating to P-1 from P-2, with a 'Stable' outlook.
The rating agency's upgrade came following the successful transfer of most of Abu Dhabi Power Corporation's (ADPower) power and water generation, transmission, and distribution assets, according to a press release on Thursday.
Moody's referred that the new assets will improve TAQA's asset portfolio and reinforce its control over electricity generation, transmission, and distribution as well as water desalination in Abu Dhabi.
In addition, the rating agency has upgraded the company's Baseline Credit Assessment (BCA) to baa1 from b1 because of the positive impact of the additional assets on TAQA's financial and business portfolio.
It is noteworthy to mention that on Wednesday, 1 July, TAQA announced the completion of the merger deal with ADPower in exchange for 106.37 billion new shares to create one of the largest utility companies in the Europe, Middle East, and Africa (EMEA) region.